If you've been in the crypto space for a while, you know markets can get wild. But what happened on October 10-11, 2025, took things to a whole new level. Solana tokens like JUP (from Jupiter Exchange) and PUMP (tied to the popular meme coin launcher pump.fun) nosedived by 90% or more in a matter of minutes. It was a flash crash that liquidated billions and left traders reeling. Let's break it down, starting with a viral tweet that captured the chaos.

모든 걸 말해준 트윗

Early on October 11, DeFi trader @FabianoSolana posted: "I just woke up and have never seen something like this. Tokens went actually to zero. JUP dipped 90% to $0.056, PUMP -95% to $0.000411. Literally took the whole liquidity and wiped out nearly 100% of longs." (original tweet)

Attached were charts showing the brutal drops. Here's the JUP chart for context:

And the PUMP one wasn't any prettier:

This wasn't just a bad day—it was a historic liquidation event, with reports of $16B to $20B in leveraged positions getting wiped out across the crypto market (Forbes).

플래시 크래시의 촉발 원인은?

Flash crashes happen when prices plummet rapidly due to a cascade of sell orders, often amplified by leverage. In this case, it seems tied to broader market panic. Sources point to a "Trump surprise"—escalating U.S.-China trade tensions with new 100% tariffs on Chinese goods, which rattled global markets and spilled into crypto (CoinDesk).

Bitcoin dropped below $110K, Ethereum and Solana fell 15-30%, but altcoins and meme tokens got hammered hardest. On centralized exchanges like Binance, depegs in stablecoins like USDE (which briefly hit $0.65) exacerbated the chaos, causing off-chain prices to disconnect from on-chain liquidity (99Bitcoins).

For Solana specifically, the network held up impressively. It processed over 100,000 transactions per second (TPS) during the peak, with DEXes like Jupiter handling billions in volume without breaking (AInvest). But thin liquidity on some pairs meant massive slips—JUP and PUMP essentially "went to zero" momentarily as market makers pulled back, liquidating longs (borrowed positions betting on price increases).

Community voices called it outright manipulation. One trader noted, "It literally was a purposeful event to liquidate everything. I’ve been around since 2017, and have never seen a total spike down like that across all coins." Others speculated market makers exhausted liquidity to reset the perpetuals market.

밈 토큰 생태계에 미친 영향

At Meme Insider, we focus on meme tokens, and this crash hit close to home. PUMP, the token behind pump.fun—a platform that's launched thousands of Solana meme coins—saw its value evaporate 95% in minutes. Pump.fun has been a cornerstone for meme creators, making it easy to deploy tokens with fair launches. But in a leverage-fueled market, even utility-adjacent tokens like PUMP aren't immune.

Broader Solana memes suffered too. Tokens like BONK and other pump.fun grads dipped sharply, though on-chain liquidity helped some recover faster than off-chain prices. As one post put it, "Good thing pump.fun didn’t do perps or else the entire app would have gone to zero today. Lessons in this, spot and chill."

JUP, while more DeFi-focused as a DEX aggregator, powers a lot of meme trading on Solana. Its crash highlighted how interconnected the ecosystem is—when liquidity dries up, everything from blue-chip alts to fresh memes feels the pain.

커뮤니티 반응과 교훈

The thread and related posts exploded with stories. One user shared getting liquidated on a 2x long despite a stop loss: "Got liquidated on a $20k with a stop loss attached. I have 0 clue how it happened." Another called it the "biggest market manipulation," suggesting MMs recouped losses from recent longs.

But amid the pain, resilience shone through. Traders like @hakyzz1 went shopping for more JUP during the dip. And Solana OGs reminded everyone: "Only green or red candles that matter to Solana OGs—and we did great yesterday."

Key takeaways for meme token enthusiasts:

• Avoid heavy leverage: Flash crashes target over-leveraged positions. Stick to spot trading for longevity.
• Understand liquidity: On-chain (like Solana DEXes) often holds better than CEXes during volatility.
• Network strength matters: Solana's high TPS proved it's battle-tested, unlike some L2s that congested.
• Buy the dip wisely: As one investor scooped up PUMP, JUP, and others post-crash, conviction pays off in recoveries.

This event echoes past crashes like FTX or LUNA but with a twist—crypto's maturing, and Solana emerged stronger. If you're building or trading memes, events like this are reminders to stay informed and cautious.

For more on Solana meme trends and recoveries, check out our knowledge base at meme-insider.com. What do you think—manipulation or market forces? Drop your thoughts below.